JP Morgan Investor Services has won contracts to provide custodian services for more than $31 billion of assets for Jupiter Fund Management, Morgan Stanley Investment Management and Santander Asset Management.

The bank will become custodian, depositary and fund administrator to the Luxembourg fund range of the three asset managers and provide custody and fund accounting services to Jupiter’s UK investment trust and pensions fund range.

Morgan Stanley manages funds in excess of £26.7 billion in its Luxembourg-domiciled range, according to FE Analytics. Morgan Stanley declined to confirm the figure.

Jupiter’s Luxembourg range has assets totalling £3.5 billion, according to FE Analytics, while it manages about £1 billion in closed-ended investment trusts.

Santander declined to provide a figure for its assets under management in Luxembourg-domiciled funds.

JP Morgan has been ranked as the largest custodian bank in Luxembourg for the past 14 years, according to industry research group Monetary Insight. It found that in 2013 JP Morgan was responsible for $656.2 billion of assets, compared with $559 billion for State Street, according to a report published in May.

However, State Street overtook JP Morgan in 2013 as top fund administrator in terms of net assets. State Street is currently fund administrator to $488.1 billion, with JP Morgan at $462 billion, followed by BNP Paribas at $236.4 billion and Royal Bank of Canada at $236 billion, in Luxembourg.

Luxembourg-domiciled fund assets rose 14.94% to $3.6 trillion in 2013, up from $3.1 trillion in 2012, according to the research.

Morgan Stanley declined to comment. Santander was unable to provide comment at the time of publication. Jupiter confirmed the deal.

JP Morgan was incorporated in 1973 in Luxembourg and opened its depository bank in 1989 in the region.
Francis Jackson, Emea head of investor services sales at JP Morgan, confirmed that the firm had won the contracts in the past couple of months, adding: “JP Morgan brings a wealth of experience, expertise and market intelligence.”